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The Daily Bell gets schooled by its own commentators on Bitcoin and fiat currencies

September 19, 2012

In their latest attack on Bitcoin and “UN LETS currencies”, the Daily Bell apparently forgot to check some basic definitions and got schooled by their own commentators.

According to the Daily Bell, both Bitcoin and interest-free currencies are elite promotions. In fact, the elves at the Bell suspect both to be nothing less than “backdoor government psyops”.

But their feedbackers would have none of it:

–          ‘ This article deals in a lot of FUD and zero facts. Bitcoin undermines the power of central banks and the Elite. Why would they create a tool like bitcoin that undermines their own power base, the creation of money.’

Good question, which the elves did not attempt to answer.

The article begins by denouncing Bitcoin as “a pure electronic, fiat currency with no metals backing at all”. However, another feedbacker notes:

–          ‘ The author also makes the fallacious argument that bitcoin is “not backed by anything”. I’ve got news for him, neither is gold. Commodities are valued for what they are and what they enable people to do.’

This time, the elves replied: “Now it is true that money does not need utility. It simply needs to be accepted.

Wait, did we read this correctly? So, if money “simply needs to be accepted”, why this constant harping about “pure electronic fiat currency”? The truth is that we do not need the means of exchange to be backed by precious metals. Even the Bell seems to be aware of it, although they never miss an opportunity to promote their “private gold-backed currencies”.

The Bell also attempted once again to justify the charging of interest on money created from nothing, using the worn-out “time-value of money” argument, which has been comprehensively debunked on Real Currencies.

Once again, a commentator called the Bell on it:

–          ‘ Usury is the central bank charging interest on money conjured from nothing, not pricing for the time preference of money. How can you have a time preference on something that doesn’t exist yet? ’

Very tellingly, there was no answer to this question.

Finally, another feedbacker noticed the Daily Bell’s tendency to label any currency that is not backed by metals, even a non-governmental currency such as Bitcoin, as “pure fiat”:

–          ‘ Um, “fiat currency” means that the money has value because a government says it has value – “you must pay taxes in X currency or we will kill you.” ’

Here, the elves attempted to defend themselves by citing an obscure academic article that mentions “private fiat money”, notwithstanding the fact that fiat money is almost universally defined as “money that derives its value from government regulation or law.”

One feedbacker summed it up magnanimously:

‘ The author needs to do more homework before writing an article like this.’

We would tend to agree.

Latest from the Daily Knell’s editors: Following our exposure of the Daily Bell’s business partnership with Shawn Perger, owner of Dicon Gold Inc., we noticed today that Perger’s bio on the Daily Bell had suddenly disappeared. We will let our readers make up their minds about this…

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Reply to the Daily Bell: Gold porn, lies, and misrepresentations

September 16, 2012

stopthelieswith Anthony Migchels

The Daily Bell appears to be quite obsessed with both Memehunter and Real Currencies, having exhibited a painful compulsion to refer indirectly but unmistakably to their past discussions with both of us in a series of articles, even though we have mostly left them alone for the last six months (in fact, Memehunter took a well-deserved break after the Daily Bell shut down its comment section).

However, these recent articles contain such blatant distortions that we deemed it necessary to attempt to rectify the situation. Furthermore, it is apparent that the elves over at the Bell cannot wait to debate again with us. It is our sincere hope that, by creating the Daily Knell, a blog dedicated to exposing libertarian lies, we have finally fulfilled their wish.

Social Credit, Mises-Rockefeller connections, and other falsehoods

Let us begin with the claim that Social Credit was promoted by the Fabian Society, which, to be fair, originates from Deadeye’s blog.

Although it is true that Alfred Orage, the editor of the New Age, promoted C. H. Douglas’ Social Credit, we learn from Wikipedia that “in an effort to discredit the Social Credit movement, one leading Fabian, Sidney Webb, is said to have declared that he didn’t care whether Douglas was technically correct or not – they simply did not like his policy” and that the British Labour Party resisted pressures to implement social credit, due to incompatibilities with “hierarchical views of Fabian Socialism”.

That does not sound like a ringing endorsement. It is also fairly obvious to anyone vaguely familiar with Social Credit that, partially flawed as this economic philosophy may be, it is most certainly not favorable to Money Power.

The Daily Bell, obviously still smarting from Memehunter’s “attacks against free-market thinking”, also brought back the issue of Ludwig von Mises’ funding by Rockefeller, implying that Mises had to beg Rockefeller for some money that was “given unwillingly and soon withdrawn”.

However, as we learned in Old Rothschild- and Rockefeller hands controlled the Libertarian-Communist dialectic:

“Already in 1926, Ludwig von Mises’s first tour in the United States was paid by the Rockefeller Foundation. The National Bureau of Economic Research, which supported Mises in the 1940s, was also heavily sponsored by the Rockefeller Foundation. Mises’s salary in New York was paid by Lawrence Fertig, Kohlberg’s colleague at the AJLAC [American Jewish League against Communism], and by the Volker Fund.”

In fact, as this chart suggests, Mises was very much at the center of an entire network connecting Libertarian think-tanks and foundations all the way to the top of Money Power.

Among other falsehoods propagated by the Daily Bell are the following:

–          The annoying tendency to equate any non-commodity based currency with “governmental coercion”. Many alternative currencies, such as the Gelre or the Chiemgauer, are not based on governmental coercion and are not sponsored by the UN or UNESCO. Clearly, the Bell has a vested agenda in trying to equate any paper or digital currency with some kind of coercion, and in promoting the idea that the means of exchange should be commodity-based, an idea which is actually detrimental to free trade. Maybe this has to do with its partnership with a gold mining company?

–          The tendency to lump together Stephen Zarlenga, Ellen Brown, and “a number of blogs attacking Austrian-based free-market economics”. In contrast with Real Currencies and the Daily Knell, Ellen Brown does not consider interest to be a problem. Although it is a step in the right direction to have government earn the interest rather than a private banking cartel, interest-free currencies would be a much better option. Moreover, Brown’s scheme is associated with severe power centralization, which we do not favor.

–          Contrary to the Bell’s repeated assertions, we are not saying that interest should be banned. By offering interest-free mutual credit, people will naturally prefer to borrow in an interest-free currency rather than in an interest-bearing one. There is no need, in fact, for “coercion” of any kind. Memehunter frequently made this point on the Daily Bell (in the feedbacks), so we have to suspect that this is pure “sophistry” on the part of the elves.

–          The claim that “Money Power does not care whether its control is exercised publicly or privately”. Although it is obvious that governments all over the world have been corrupted, and that politicians “can be controlled and bought”, the fact remains that, in principle, a public institution is accountable and should represent the interests of a nation, whereas there is no such obligation on a private institution. This is exactly why Money Power has worked hard to undermine the institution of government, and to progressively replace nations by larger economic blocs led by unelected technocrats instead of elected politicians, as is the case with the European Union.

Annunaki and Austrian “gold porn”

Moreover, the Daily Bell, together with other Austrian outlets, propagates various spurious economic ideas and myths which deserve to be exposed. For instance, this paragraph:

“People are free to find mines and dig up their own gold and silver. Drives the elites crazy. That’s why the elites are constantly trying to ban and confiscate honest money. The elites hate the free circulation of money metals.“

Of course, people can dig up their own gold and silver. But what good is that for? Will the world be a better place because everyone is busy mining gold and silver? Last we heard, Zecharia Sitchin and his theories had been debunked, but maybe some hardcore Libertarian goldbugs cling to the idea that humans were genetically engineered by the Annunaki to mine gold in South Africa…

In fact, this famous scene may be the ultimate fantasy of Austrian sympathizers favoring a return to an interest-bearing gold-backed currency:

“You see in this world there’s two kinds of people, my friend. Those who loan gold, and those who dig. You dig.




More seriously, we must remember that the means of exchange is basically credit, a record of an unpaid debt. There is no valid reason why the amount of credit available to a community should be limited by the amount of a scarce commodity. The Daily Bell unfailingly criticizes any monetary scheme involving some sort of human supervision with the oft-repeated argument that “no one can know how much money is enough”, but cannot justify why having the money supply tethered to the quantity of gold or silver available is in any way a guarantee that the money supply will be “monitored” more adequately and will correspond to the needs of a community.

Furthermore, whereas physical gold may be in some sense more “honest” than paper currency because it cannot be inflated so easily, it is debatable whether private gold-backed currencies are in any way more honest than paper or digital currency. Blogger FOFOA has explained this at length in “The Return to Honest Money”.

But the larger issue is that, although it may be an excellent store of value, physical gold is not well-suited as a means of exchange because of its scarcity. However, the Bell seems unable to distinguish between both monetary functions and refuses to understand why it is advisable to use different media for both, as brilliantly demonstrated once again by FOFOA.

Interest-free currencies as an “elite promotion”: look who’s talking!

Finally, over this series of articles, the Daily Bell repeatedly tried to drive home the point that because Margrit Kennedy worked at some point for UNESCO, and that some interest-free currencies are affiliated with ecological movements, interest-free currencies are necessarily part of some kind of “elite promotion”.

The fact that the UN does seem to have started to promote LETS lately is obviously an attempt to co-opt it and thus is a source of concern. Why would the UN do so? LETS has suffered from two major drawbacks, keeping it from really threatening Money Power domination. The first is that it uses a working man’s hour as a unit of account. As a result, nobody knows what 1 LETS is really worth. Therefore businesses have been hesitant to accept LETS units.

Secondly, LET Systems have been managed by amateur community organizers, who have proven themselves incapable of organizing local trade in a way that transcends the level of the most primitive service exchanges between individuals. By promoting LETS as a viable ‘complementary currency’, it’s likely that the UN has willingly promoted a non-threatening ‘alternative’. In no way has the UN been shown to promote, help develop or even investigate what is necessary to threaten the Money Power monopoly on currencies worldwide.

Given the Daily Bell’s own connections to large financial companies and gold mining concerns, as well as collaborators who worked for top “Anglosphere power elite” banks, one may also wonder whether the Bell’s strident goldbug propaganda, its unabashed justification of interest, and irrepressible “Hate the State” rhetoric may themselves be elite promotions of some kind. In fact, Austrian economics were, from the outset, an elite promotion, as we have shown in this series of articles:

The “Catholic” Arm of Libertarianism

The Satanic Core of Libertarianism

How the Money Power spawns Libertarians

Old Rothschild- and Rockefeller hands controlled the Libertarian-Communist dialectic

Conclusion

The Daily Bell in its discussions with both Memehunter and Real Currencies, but also with people like Ellen Brown, has resorted to misrepresentation and downplaying of valid points. Already in the early stages of the discussion, we pointed out that it was quite obvious that if government creates a monopoly, it is much worse to have it hand that monopoly over to a private banking cartel than to have Government use it to print its own interest-free currency. Notwithstanding the fact that such a monopoly is uncalled for, this simple transfer would save the taxpayer 450 billion per year. All this interest now ends up with wealthy “Anglosphere power-elite” bankers and foreign creditors and thus in no way serves the real economy.

Additionally, the Daily Bell did everything it could to downplay the interest issue. The elves ignored the fact that it’s a massive wealth transfer from poor to rich, to the tune of 5 to 10 trillion per year globally. They also tried to explain it away as irrelevant to the issue of manipulation of volume, which is not only untrue (interest does affect the volume issue, as ever more money is required to pay ever more interest, thus leading to an eternally growing money supply, a situation which is obviously terminally unstable), but also clearly is just a trick to get the issue off the table.

And lastly, how can it be that the swashbuckling elves of the Bell ridiculously need a politician like Ron Paul to implement their vaunted free market? How can it be that this man has been promoting the same crap for 40 years? Is that consistency or an acute disability to learn? Or is it perhaps a party line that had to be toed? Why do the elves need “violent statist coercion” to get what they want, while people all over the world are creating regional currencies based on agreement and not coercion?

We know the answer: Gold will not work as an everyday means of exchange in a truly free market. Ron Paul and the Daily Bell, through their Agora connection, are part of a large network parading as a grassroots movement. They both represent Gold interests and need state coercion to get their specie accepted for tax payments and thus get an unfair and almost decisive advantage in the ‘free market’ for currencies.

Nothing new under the sun…  Just some more Money Power special interest groups trying to manipulate the debate and buy votes in Washington.

The Daily Bell hoax?

September 16, 2012

In this article, Memehunter explores the murky underworld of the Libertarian movement, in the wake of blogger Lila Rajiva’s stunning revelations about the “long-standing relationship” between Ron Paul and the founder of financial behemoth Agora Inc., with which the well-known libertarian website The Daily Bell is affiliated. The ramifications of the partnership between the Daily Bell, known for its strident “gold bug” mindset, and gold mining concern Dicon Gold Inc. are also discussed.

The Daily Bell, a leading libertarian website known as much for its staunch support of Austrian economics as for its strident “gold bug” mindset, recently featured an article entitled “The Ron Paul Hoax?” which attempted to defend Ron Paul’s reputation in the wake of a series of articles on Clint Richardson’s  Reality Blog showing Paul to be essentially nothing more than a fraud. Although the Bell admits to having doubts about the efficacy of Paul’s “Audit the Fed” legislation, they refuse to believe that Paul himself is a fraud. Of course, one may wonder how much evidence the Bell and its supporters will need before accepting the truth.

But more importantly, this unshakeable belief in Ron Paul as “the world’s only apparently honest politician” (no less!) strikes one as an inscrutable paradox in the face of these recent revelations about Paul’s character, especially coming from an anarcho-capitalist website that purports to denounce party politics, Western-style democracy, and the institution of government in general.

Ron Paul and the Agora Empire

One clue to this enigma has recently been provided by blogger Lila Rajiva, co-author with William Bonner (president of the publishing company Agora Inc.) of the bestseller Mobs, Messiahs, and Markets, and herself a libertarian sympathizer. In a scathing article, Rajiva revealed that the Daily Bell is closely associated with the Agora network, a large conglomerate known for its financial newsletters promoting “get-rich-quick” schemes and assorted penny stocks, all the while touting bogus “free markets” and Austrian faux economics.

Some of the numerous Agora affiliates and alternate business names include the Daily Reckoning, the Oxford Club, International Living, Penny Sleuth, Whiskey & Gunpowder, Doug Casey’s International Speculator, Gary North’s Remnant Review, as well as Laissez-Faire Books, a leading libertarian bookseller. In fact, according to Rajiva, the Agora network and its executives Bonner and Addison Wiggin hold sway over most of the libertarian circles in the West.

Agora also appears to have ties with the Rockefeller dynasty via Peter G. Peterson, longtime chairman of the Council on Foreign Relations and chief backer of the film “IOUSA”, whose content was inspired by Bonner and Wiggin’s book Empire of Debt. Going even deeper, Rajiva finds all kinds of shady characters associated with Agora, including ex-CIA director William Colby and Le Cercle member Lord Rees-Mogg, a close associate of the Rothschilds.

But the real stunner was Rajiva’s disclosure that Ron Paul had “a long-standing relationship” with Agora founder James Davidson, via Murray Rothbard. Perhaps not surprisingly, Agora and its affiliates, including the Daily Bell, have until recently been indefatigable promoters of Paul’s political platform. However, the Daily Bell has never mentioned its ties to Agora, which would obviously throw into question the Bell’s credibility as an impartial observer of the political and financial scene.

“Private gold-backed currencies” and Colombian gold mines

Another reason why the Daily Bell, itself an ardent promoter of privately gold-backed currencies, is enraptured with Paul’s unremitting advocacy of the gold standard could be that the directors of the Bell have a vested interest in a return to a gold standard, and more generally a larger role for gold and silver as circulating currencies. Indeed, as Diana Zoppa, an advisor to the Daily Bell, acknowledged in an interview with Kerry Lutz of the Financial Survival Network, Zoppa’s hiring by the Daily Bell was facilitated by the existence of a business partnership between the directors of the Bell and Zoppa’s husband, Shawn Perger, owner of a gold-mining company called Dicon Gold Inc., whose main assets are found in Colombia.

This partnership seems to have been a very close one because Perger and Zoppa apparently followed Daily Bell founder Anthony Wile and moved to Switzerland (the Daily Bell’s home base until recently) for a few years. We also learn from the Daily Bell that Perger and his team “have built deep social relationships with the wealthier and more private Colombian families who have held the ownership rights of some very attractive gold projects”. Coincidentally or not, the Daily Bell has been, of late, very vocal in its support of former Colombian president Alvaro Uribe’s pro-business administration and “free-market strategies”, and has even established an “on-the-ground editorial presence” in Colombia.

Conclusion

As with most of the alternative media, the Daily Bell does play an important role in opening the eyes of “red pill” newcomers who are exposed for the first time to a non-mainstream view of politics and economics. The Bell has not been afraid to tackle controversial issues, including questioning the veracity of the official accounts of the Apollo XIII mission and of Osama bin Laden’s death. Nevertheless, the Bell’s refusal to address the issue of usury, its blatant dismissal of the Zionist role in the New World Order conspiracy, coupled with its relentless pro-gold and pro-Paul propaganda, are symptomatic of a larger malaise in the alternative media. It is time for dedicated truthseekers to move past these gatekeepers and their phony dialectic, in order to continue their quest for real alternatives and authentic solutions to the monetary, political, and spiritual issues of our age.

Daily Bell, show us independent confirmation of your readership numbers, and then we’ll believe you

August 6, 2012

On January 1, 2012, I wrote the article, I call bollocks on the Daily Bell’s reported monthly page hits, in which I questioned the veracity of their claim that they ”regularly receive upwards of 20-25 million hits a month.”

I documented how, since then, they shot the messenger as their Alexa ranking tanked. They claim that they had 17 million page views just for the month of June 2012, showing that their earlier 20-25 million hits claim likely wasn’t a typo.

I pointed out how Mish Shedlock’s site had a higher Alexa ranking — and still does — and his independent confirmation of readership numbers shows he had 21 million page hits for the entire year in 2011.

As for my page hits, independent confirmation is available from WordPress on my homepage, and anyone can track the daily numbers by tracking the cumulative page hits from day-to-day.

I provided a critical analysis of a recent article by the Daily Bell on tally sticks on my August 5, 2012 episode of Exposing Faux Capitalism.

the Internet Reformation Society (Huh?)

July 3, 2012

the-daily-bell-top-logo3Having been exposed as a banker front and squarely beaten on all the issues that Austrianism is famous for, the Daily Bell seems to be making a last ditch effort to reclaim lost fame….

In Q1 of this year Real Currencies got involved in an all out discussion with the Daily Bell, which was quickly picked up by the indefatigable Memehunter. Our series of articles on the lies and obfuscations of Austrianism and the way it was built by the Money Power as the other side of the dialectic with Marxism was inspired by this intellectual war. Henry Makow, who had been exposing Libertarianism for years, gave us the platform needed for this kind of effort.

Memehunter, meanwhile, made the incredible effort of waging the war in the Daily Bell’s comment section for months on end. Facing four powerful ‘elves’.

In all fairness: the Daily Bell not only continued to allow this, they took him on all guns blazing. They could, of course, have denied him further access, as is quite common when people deliver unwelcome feedback.

But they lost. Ignominiously. They tried everything, every trick in book was used to misrepresent Memehunter, to make him look ridiculous and basically to just wear him down. But he hung in there and four professionals, payed well with the proceeds of usurious usurpation, eventually simply gave up.

They closed their comment section and Faux Capitalist (who had been on the DB’s case earlier on a number of controversial issues) reported:
“….its Alexa ranking has tanked, showing that by May 27, it had a one-month ranking of 106,899, a 7-day ranking of 96,710, and a 3-month ranking of 71,591. (at their peak they were hovering around 30,000, AM)

Once its three-month ranking falls below 100,000, it will no longer warrant Alexa’s daily compilation of in-depth statistics. I see that it has fallen so far that the confidence factor of the visitor demographic information is down from a high level of confidence to only medium.”

Since then their readership has been plummeting even further, and as Faux Capitalist predicted, they are trying to put a strategy together.

With the medieval slogan ‘memento mori’, and Anthony Wile’s concept of the ‘Internet Reformation’ they are trying to regain lost favor. They will also reopen their comment section, but only for registered users. Even to read the comments, one will have to register. This does not bode well: such barriers are not popular on the Internet.

Also they have come up with a rather ‘interesting’ logo:

The skull refers to the memento mori slogan, the clock at 5 to 12 speaks for itself. The roses refer to the people spreading anti-Nazi propaganda in Germany during the 1930′s under the name ‘White Rose’. How this relates to the blatant Nazi colors (red, black and white) of the logo, combined with the strangely Germanic font remains an open question.

For the time being, it seems, the real supporters of freedom from Money Power suppression do not need to be overly worried by the Daily Bell’s efforts to reinvent itself after being so horribly exposed.

Related:

Discussing Gold and Interest with the Daily Bell
Daily Bell: wrapping up
The Daily Bell tolls for another round in the debate
How the Money Power spawns Libertarians

The Daily Bell shuts down its comment section in the face of too much negative publicity

April 26, 2012

Thanks to Memehunter, who informed me that as of April 25, 2012, TheDailyBell.com has disabled all comments on their articles.

“Effective April 25, 2012, the Daily Bell will discontinue allowing feedback comments. We have left in place the large body of responses posted in the past, as we appreciate the valuable contributions made by some of our readers.”

Under increased scrutiny, The Daily Bell distinguishes between private and public central banks

April 20, 2012

The Daily BellIn my March 31, 2012 article, An Infowars.com reader realizes what the Daily Bell site is really all about, I pointed out how they are known to fail to distinguish between private and public central banks.

Under increased scrutiny from myself, Anthony Migchels, Memehunter and others who realize what the Daily Bell is really all about, I noticed they are finally drawing a distinction between public and private central banks.

In their April 19, 2012 article, BIS: Asian Central Banks Are Pretty Good!, they refer to “[m]onopoly private/public central banking.

Predictably, they proceed to bash both in order to direct their readers to a so-called free market gold standard that even Austrian economist Gary North admits has never existed in history, and which I demonstrated is also a fool’s gold standard, just like a so-called government-guaranteed gold standard.

Gary North’s so-called free market gold standard is also a government-guaranteed gold standard, since it relies upon government enforcement of contracts, which is essential to the Money Power being able to enforce their ultimately unpayable debts that accrue compound interest, and collecting your assets once you default.